Amendment status not verified — confirm the current text below against the official source.
Payment of debt zn mstalments.-( I) Notwtthstandmg anythang con tamed 1n any ·law or contract or in any decree or order of any Court or Tnbunal, a fanner descrtbed m clause (b) of sub-section (1) of scctaon 5 may dtscharge h1s debts m suttable mstalmcnts together wsth fa1r rate of interest as recommended by the Commass1on on the pnnctpal amount outstandmg at the tune of each payment, m the manner as may be dtrected by the Commiss10n and on payment of the same m the manner dtrected by the CommlSSJOD, the whole debt shall be deemed to be dtscharged. (2) Where may mstalment of a debt ts not paid on the due date as drrected by the Commtsston, the creditor shall be entitled to recover the same m the manner as may be detennmed by the CommissiOn. 34/2504/201 0/0TP J 26 Provtded that, before takmg dectston by the CornrnJSSJOn under thts r sectton, the fanner shall be glVen an opportumty of being heard 13 The debt shall be deemed as fully repmd -Notw1thstandmg anythmg contamed m th1s Act or m any ~ther law or contract or m any decree or order of any Court or Tnbunal, tf a fanner has repaid the pnnctpal amount taken as loan by him and an amount equal to tt to a crcdttor other than mstttutiOnal credttor, the debt shall be deemed to be fully dtscharged by the satd farmer . 14 Annual Report to be lazd before the Legzslatzve Assembly-( 1) The Commtsston shall prepare a report of Its function of that year under thts Act 3J1d the same shall be submitted to Government m such form on or before such date as may be prescnbed (2) The Annual Report submttted to the Government by the Conumss10n ':% under sub-section ( 1) shall be latd before the Legtslattve Assembly, as soon as may be, after the same ts recetved by the Government 15 Accounts and Audll -(I) The Commtston shall mamtam proper accounts and other relevant records and prepare an annual statement of ac.counts, m such fotm as may be prescnbed (2) The accounts of the CommisSion shall be audtted annually and the audttcd report shall be placed before the Legtslattve Assembly. •